ghostguy123
Footballguy
Done and done. My property manager is the head of the condo association, and she actually owns a few units there also.
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Buy a house or rent (1 Viewer)
- Thread starter ghostguy123
- Start date
ghostguy123
Footballguy
Hmmmmm. I wonder if I can convince my wife and 10 year old daughter to move into this condo for the winter months, save up more for a house for the family, then house shop in the spring next year???
How hard will it be to convince a wife to go from 2100 square feet to 900 square feet for about 7-8 months
How hard will it be to convince a wife to go from 2100 square feet to 900 square feet for about 7-8 months
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John Bender
Footballguy
Welp.
Learned my lesson quickly.
Got an accepted offer to buy this house that I loved at a decent deal.
Inspection report showed about 8500 worth of things that needed to be fixed. The biggest cost was the water boiler that was clearly rusted through and leaking water.
The water in the well was tested as corrosive and hard. Remediation was 4500 (softener treatments etc).
I asked for 10k for the inspection report held back at closing (also included remediation a small mold issue) and for the seller to treat the water.
The seller wrote back and didn't offer a single dollar. Basically said that everything in my 800 dollar inspection report was erroneous. Even had the nerve to say "the water pump is not 34 years old as per the report, it's only 30 years old".
I'm Really bummed out. Everything inside the house was updated (including the roof) but the guts of the house were neglected. So I walked.
I'll stick to renting.
What a crappy experience.
Learned my lesson quickly.
Got an accepted offer to buy this house that I loved at a decent deal.
Inspection report showed about 8500 worth of things that needed to be fixed. The biggest cost was the water boiler that was clearly rusted through and leaking water.
The water in the well was tested as corrosive and hard. Remediation was 4500 (softener treatments etc).
I asked for 10k for the inspection report held back at closing (also included remediation a small mold issue) and for the seller to treat the water.
The seller wrote back and didn't offer a single dollar. Basically said that everything in my 800 dollar inspection report was erroneous. Even had the nerve to say "the water pump is not 34 years old as per the report, it's only 30 years old".
I'm Really bummed out. Everything inside the house was updated (including the roof) but the guts of the house were neglected. So I walked.
I'll stick to renting.
What a crappy experience.
Doctor Detroit
Please remove your headgear
That sucks, sorry gb. I had a similar experience when I bought three years ago, needed water system and even bigger was the radon system. I couldn't buy without the radon being dealt with, so I made them pay for that and my offer basically discounted the water system. At first they balked, but they came back less than two hours later saying it was a done deal. I knew their circumstances though, they had left th ehouse four months before and moved to Indianapolis. It was February when no one is buying, so they took the deal.
Lots of balls in the air in these deals though, some of them work...some don't.
John Bender
Footballguy
Thanks man.
I think I'm better for the experience. I fell in love with that house after visiting many. It's the one I wanted. The only one I'd consider to stop renting for. I was told all along, even after we made the deal to not fall in love with it.
Learned that lesson good and will have the callouses to negotiate harder next time and take the whole process less seriously.
Dragons
Delusions of Grandeur
Good lessons and you had a good inspection that didn't allow you to walk in blind to a myriad of expensive repairs. Sounds like the process worked.
Zegras11
Footballguy
Don't give up on it yet. Keep an eye on it and if it doesn't sell in 2 weeks, come back with an offer $10-15K lower where you do all the repairs.
John Bender
Footballguy
Nice tip. Thank you. We actually agreee on an offer that was 20k below the asking price but they agreed on that very quickly so I don't think this is a ridiculous premise Thanks again, will try that.
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Zegras11
Footballguy
So if I understand this correctly, your initial offer was $20k below list? If yes, that's probably why they didn't want to give you any more as they considered that reduction to be the cost of the repairs you noted.
John Bender
Footballguy
My initial offer was even lower than that. We met at 20k below.
That offer came well before it was found out that all the vital parts of the house were older than me.
At the price of this place, I don't think 20k was all that significant... But what do I know?
Zegras11
Footballguy
Interesting.
Best $800 you ever spent. Inspections are only $300 in Boise and we have a lot of 100 year old homes.
Please update in two weeks....
John Bender
Footballguy
^^^ you got it. Thanks again for the tip
Dragons
Delusions of Grandeur
Keep in mind, the seller is legally obligated to disclose any problems of which he is aware. He may be disputing your report so he can stay "oblivious", but a good real estate agent will force him to acknowledge and disclose problems found in your report. That will have a negative impact on his asking price.
ghostguy123
Footballguy
Man, 800 seems pricey for an ispection.
So he did agree to 20 grand below asking, but what was the initial asking price??
Also, if you put 10 grand into the house, what will it be worth compared to other houses similar to it that have been selling?
I mean, if you buying price plus the 8-10 grand you put into it comes out to be on par with other houses, it seems like it wouldnt be the worst thing in the world to do that work if it means getting the house you want...................plus these would be NEW upgrades, not "newer" stuff that is 5 years old ya know.
ghostguy123
Footballguy
Talked to my good ol landlord today also. Been here two years, and the lease says month to month afterwards. The guy is trying to strong arm me into signing for another year. I wanted to keep it month to month cause we want to look for a house to buy, and we don't want to be stuck in a lease if something comes up we want. Now, I am not a fan of buying a house in the wintertime anyway, so this isnt the woesr thing ever, but what happens next year??? He will want to do the same thing.
Now, his way of strong arming me is that he says if I can't commit to a year, he will list the house for sale............but he also told me what he needs to "clear" on it, and there is literally a zero percent chance he is able to get that amount. He bought the house in 2004, and somehow owes the same amount he paid for it, and the prices here are about the same or lower than they were in 2004. He would need to sell for 10 grand above that due to fees. So yea, not happening.
I am pretty tempted to just tell him to shove it, go ahead and list it.
He made me feel pretty ####### stupid for having used my own ### #### money to mulch the front yard and do several other minor landscaping things to make the place look nicer a couple months ago. Maybe when he lists this place for sell the landscaping will accidentally go to ####. Only thing I am responsible for is the lawn. Overgrowth and ugliness??? Not my problem.
But heck, even with a pristine yard this dude isnt selling it anywhere near what he needs anyway.
He has no landlord experience prior to this, and is just doing it cause he had to move and was way under water.
After telling him in february the gutters had fallen apart due to the tough winter, he JUST CAME OVER yesterday to look at some things. The damn fence in the backyard is totally rotted, and he wants to replace a couple sections. If you guys saw this thing you would fall down laughing. If he tries to replace a section, the whole damn thing will fall down.
Sorry for the rant, just annoyed, even though I am 100% certain he wont sell the house and 100% certain if I dont sign an extention he wouldnt kick us out
Now, his way of strong arming me is that he says if I can't commit to a year, he will list the house for sale............but he also told me what he needs to "clear" on it, and there is literally a zero percent chance he is able to get that amount. He bought the house in 2004, and somehow owes the same amount he paid for it, and the prices here are about the same or lower than they were in 2004. He would need to sell for 10 grand above that due to fees. So yea, not happening.
I am pretty tempted to just tell him to shove it, go ahead and list it.
He made me feel pretty ####### stupid for having used my own ### #### money to mulch the front yard and do several other minor landscaping things to make the place look nicer a couple months ago. Maybe when he lists this place for sell the landscaping will accidentally go to ####. Only thing I am responsible for is the lawn. Overgrowth and ugliness??? Not my problem.
But heck, even with a pristine yard this dude isnt selling it anywhere near what he needs anyway.
He has no landlord experience prior to this, and is just doing it cause he had to move and was way under water.
After telling him in february the gutters had fallen apart due to the tough winter, he JUST CAME OVER yesterday to look at some things. The damn fence in the backyard is totally rotted, and he wants to replace a couple sections. If you guys saw this thing you would fall down laughing. If he tries to replace a section, the whole damn thing will fall down.
Sorry for the rant, just annoyed, even though I am 100% certain he wont sell the house and 100% certain if I dont sign an extention he wouldnt kick us out
